Question

Lakin invests $7000 in an account that gets 8% apr compounded annually. If she does not make any deposits or withdrawals, how much money will be in the account after 8 years?ñ

Answer 1

Answer:

$12,956.51

Step-by-step explanation:

The equation for compounding is $P=A(1+r/n)^{nt}$

So, $7000(1+.08/1)^{1*8}$

7000(1.08)^8

So, the answer should be $12,956.51